Report: Inflation weighs on Midwestern economy

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By The Associated Press

A survey of business executives in nine Midwestern and Plains states suggests high inflation dragged down the region’s economy in May.

A report released Monday says the overall economic index for the region fell to 49.6 in May from April’s 55.5.

Any score below 50 on the index, which ranges between 0 and 100, indicates a contracting economy over the next three to six months.

Creighton University economics professor Ernie Goss says record oil prices combined with high commodity prices have hurt businesses in the region.

The inflation index slipped from April’s 93.1 but remained high in May at 92.

The report covers Arkansas, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, Oklahoma and South Dakota.